Product Guide

Guidelines Utah Idaho
LTV 80% 80%
LTC 95% 85%
FICO 680 680
Ratio (Back) 42% 45%
Max Loan $600K $750K
Income FULL FULL
Occupancy O/O O/O
Rate     5.50%**See Below     5.50%**See Below
Owner/Builder Allowed Allowed

Rates: Prime + 2.00% if the LTC is greater than 80%.  The rate is Prime + 1.00% if the LTC is 80% or less.  **There is a 5.50% floor on the rate.**

Closing Fees: *Wholesale pricing, retail loans include loan packaging origination fees
.

     1.00% Origination (2% fee on loans less than $100,000)

     $495 Underwriting

     $160 Document prep

     $37 Flood Cert/Wire

     
$100 per month Inspection Fee (based on loan term)

     
$300 Servicing fee on a 9 month loan

     $600 Servicing fee on a 12 month loan

Owner-Builder: Allowed. $300,000 general liability rider required on course of construction insurance. A letter of qualification required, stating by what means, contacts, or experience qualifies the borrowers to build their own house.  **The origination fee for owner-builder projects is 1.50%.**

Appraisal: Utah only–CCS will order the appraisal.  CCS needs the cost breakdown, full set of plans, and check made out to “Construction Capital Source”.  Salt Lake Metro — $400.  Everywhere else and Jumbo’s — call for price.  All appraisals must be prepaid.

Term: 
6 months. 9, 12, or 18 months may be granted for bigger projects on a case-by-case basis. In such cases, a $300 servicing fee will be added for each additional 3 month period.

Extensions: 
One 3 month extension can be granted for homes not finished within the original term. An extension fee of 0.50% of the original principal amount will be charged to the borrower.

Modification Fee: 
A 3% Modification Fee will be charged anytime a loan is paid off by someone other than the original borrower, or the property is offered for sale.

Current Home: 
The borrower’s current house payment will be included in ratio calculations.

Eligible Borrowers: 
 Individuals only.

Eligible Properties: 
Owner occupied, primary residences only.

Contingency: 
5% minimum contingency fund required.

Interest Reserve: 
Required interest reserve account is built into the soft costs of the loan. This account is calculated by the following formula:

     
Loan with lot payoff: (Loan amount x 65% x rate x term/12)

     
Loan without lot payoff: (Loan amount x 50% x rate x term/12)

     
This account will pay the interest due during the term of the construction loan.

Builder Pre-sold (Loan in the Builder’s Name): 
Currently not available.

This product information may be changed at any time and is intended exclusively
for CCS-approved mortgage brokers.

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